MONTHLY MARKET UPDATE — SEPTEMBER 2020
A
total of 979 properties sold in the Victoria Real Estate Board this past August, almost 50% more than the August of last year. Interestingly, exactly 979 properties sold last month as well, representing no change in sales numbers month to month. In contrast, August is historically when we begin to see sales start to drop as we enter our Fall/Winter market.
Absorption Rate
Greater Victoria Area - (2017-2020)
5.7 5.3
5.1
4.7
5
4.7
4.6
4
4.2
4.3
3
3.9
4.0
3.9
4.0 4.1
3.8 3.5
2.3 2.3
2.4
2.8
4.1
4.2 4.0
2.3
3.7 2.4
2.3
December
November
2020
2.1
October
2019
4.3
2.1
September
2018
4.2
3.6
August
2017
2.2
July
2.5
June
March
January
1
2.5
2.5
May
2
of listing inventory, coupled with high sales number has seen the absorption rate dip below 3 months of inventory, well into seller’s market territory.
1100
979
900
Number of Sales
4.3 4.0
2.5
Greater Victoria - (2017-2020)
800
700
600
500
400
300
200
5.2 4.1
2.7
Monthly Sales Comparison
1000
3.4
5.6
3.1
February
There were 2,584 active listings for sale on the Victoria Real Estate Board MLS system last month. This is down approximately 9% from the same period last year. Pent-up demand for housing remains the principal trend driving sales in the Victoria market; we are experiencing a significant degree of buyer fatigue as a result. Short supply
6
April
Months of Inventory
7
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
2017
478
675
929
885
1006
1008
790
736
640
664
671
462
2018
431
545
688
774
755
708
651
594
533
598
462
375
2019
329
421
640
696
848
740
706
661
616
619
577
402
2020
411
563
608
287
457
808
979
979
When examining single family detached absorption rates, the August market remained very strong across all the various neighbourhoods of Victoria with an average of 1.79 months of inventory. On the peninsula we recorded 1.36 months of inventory in Central Saanich, 1.74 months of inventory in Sidney, and 2.02 months of inventory in North Saanich. Single family home sales were up by 45% from August of 2019. Sales of condominiums were up approximately 30% from August of 2019.
2481 BEACON AVENUE SIDNEY BC V8L1X9 | 1-877-656-0911 REACHUS@HOLMESREALTY.COM | WWW.HOLMESREALTY.COM When you buy or sell a home with Holmes Realty, a portion of the commission goes in support of local charities. Over $250,000 raised!
The benchmark price for a single family home in the Greater Victoria Area dropped from July to August, down from $803,000 to $795,500. Townhouse benchmarks rose from $594,200 to $613,700. Condominium benchmarks dropped from $516,500 to $504,900 in August.
Greater Victoria Area (Core, Westshore & Peninsula) Absorption Rates by Price Range July 2020
9
8.40 7.58
8 7
Months of Inventory
Through August we continued to see the demand in the sub $1.5M single family market increase with at most 3 months of inventory between $1M and $1.5M. The higher end luxury market segment, over $2M, continued to experience steady interest with absorption rates of ~7.6 months of inventory in the $2-3M range and 8.4 months over the $3M+ range. While not a strong as the more accessible lower end of our market, these are still excellent numbers considering they are down from a peak of 44 months of inventory earlier this year.
5.68
6 5 4
3.01
3 2
1.64 1.34 1.48
1 0
Under $600K
$600K to $800K $800K to $1M
$1M to $1.5M
$1.5 to $2M
$2M to $3M
Over $3M
Absorption Rates - Single Family Detached August 2020
3.50
3.17
The highest priced sale for August was an Oak Bay waterfront home selling for approximately $3.8M. The lowest priced non-strata freehold, non-manufactured, home in the Victoria Area (not including Sooke) was a detached single family home in Sidney, approximately 1,022sq/ft, for $540,000.
Months of Inventory
3.00
August had 421 single family detached home sales in Greater Victoria. Of those, 167 sold over the $1M mark. 48 sold above the $1.5M mark. 17 sold over $2M and there were 4 sales over $3M.
2.50
2.00
2.29 1.91
2.03
2.02
1.79 1.70
1.74 1.36
1.50
1.00
2.03
2.06
1.87
1.96
1.33
1.00
0.50
0.00
2481 BEACON AVENUE SIDNEY BC V8L1X9 | 1-877-656-0911 REACHUS@HOLMESREALTY.COM | WWW.HOLMESREALTY.COM When you buy or sell a home with Holmes Realty, a portion of the commission goes in support of local charities. Over $250,000 raised!
Absorption Rate Greater Victoria Area - (2017-2020)
5.7
6
5.3
5.1
4.7
5
4.7
4.6
4
4.2
4.3
3.4
5.6 5.2 4.3
4.1
4.0
3.1
3
2.7
4.1
2.8
2.4
4.1
4.2 4.0 3.7 2.4
2.3
December
November
October
2020
2.1
September
2019
4.3
2.1
August
2018
July
2017
June
March
February
January
2.5
May
2.3
2.5
2.3 2.2
4.2
3.6
2.5
2.5
1
4.0
3.8 3.5
2.3
2
3.9
4.0
3.9
April
Months of Inventory
7
Monthly Sales Comparison Greater Victoria - (2017-2020) 1100
1000
Number of Sales
900
800
700
600
500
400
300
200
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
2017
478
675
929
885
1006
1008
790
736
640
664
671
462
2018
431
545
688
774
755
708
651
594
533
598
462
375
2019
329
421
640
696
848
740
706
661
616
619
577
402
2020
411
563
608
287
457
808
979
979
Active Listings / Number of Sales Greater Victoria - (last 24 months) 3500
3000
2500
2000
1500
1000
500
0
Active Listings
Number of Sales
Absorption Rates - Single Family Detached August 2020
3.50
3.17
Months of Inventory
3.00
2.50
2.00
2.29 1.91
0.50
0.00
2.03
2.02
1.79 1.70
1.00
2.06
1.74 1.36
1.50
1.00
2.03
1.87
1.33
1.96
Absorption Rates - Condominiums August 2020
6.00
5.14
Months of Inventory
5.00
4.91
4.49
4.20
4.05 4.00
3.35
3.21 3.00
2.00
1.00
0.00
3.00 2.63 2.58 2.00
1.99
Absorption Rates - Townhouses August 2020
4.50
4.20
Months of Inventory
4.00
3.43
3.50
3.00
2.93
2.50
2.00
1.50
2.00
2.14 1.80 1.75
1.80 1.38 1.33
1.16
1.00
0.50
0.00
0.00
1.16
Absorption Rates - Manufactured Homes August 2020
7.00
6.00
Months of Inventory
6.00
5.00
4.00
2.73
3.00
2.00
2.00 1.25
1.00
0.00
0.60
Absorption Rates - Saanich Peninsula August 2020 5
4.05
4 4 3 3
2.02 2 2
2.00
1.74 1.36
1.75 1.38
1
1.25
1 0
0.60
n/a
n/a n/a
North Saanich
Sidney
Central Saanich
Saanich Peninsula Absorption Rates by Price Range August 2020
Months of Inventory
10
7.00 6.00 5
0
NO ACTIVE LISTINGS
0.93 1.02
1.71
2.13
0.00 Under $600K
$600K to $800K
$800K to $1M
$1M to $1.5M $1.5 to $2M
$2M to $3M
Over $3M
Victoria Absorption Rates by Price Range August 2020
7
6.00
Months of Inventory
6
5
4.20
4.50
4
3
1.78
2
1.18
1.43
1
0
NO SALES IN PAST 3 MONTHS
0.00 Under $600K
$600K to $800K $800K to $1M
$1M to $1.5M
$1.5 to $2M
$2M to $3M
Over $3M
Saanich East Absorption Rates by Price Range August 2020
4.71
5 5
4.00
Months of Inventory
4
3.82
4 3 3 2
1.66
2
1.12
1.32
1 1 0
NO ACTIVE LISTINGS OR SALES
0.00 Under $600K
$600K to $800K $800K to $1M
$1M to $1.5M
$1.5 to $2M
$2M to $3M
Over $3M
Oak Bay Absorption Rates by Price Range August 2020
12
9.86
Months of Inventory
10
8
5.67
6
4
3.00
2
0
NO ACTIVE LISTINGS OR SALES
NO ACTIVE LISTINGS OR SALES
1.25 0.98
0.00 0.00 Under $600K
$600K to $800K $800K to $1M
$1M to $1.5M
$1.5 to $2M
$2M to $3M
Over $3M
Langford Absorption Rates by Price Range August 2020
3.75
4
3.11 Months of Inventory
3
2.22 1.77
2
1
0.46 NO SALES IN PAST 3 MONTHS
NO SALES IN PAST 3 MONTHS
$2M to $3M
Over $3M
0.00 0.00
0 Under $600K
$600K to $800K
$800K to $1M
$1M to $1.5M $1.5 to $2M
Colwood Absorption Rates by Price Range August 2020
7
6.00
Months of Inventory
6
5
4
3
2
1.43
1
0
NO ACTIVE LISTINGS
0.60
NO SALES IN PAST 3 MONTHS
NO SALES IN PAST 3 MONTHS
$1.5 to $2M
$2M to $3M
Over $3M
0.00 0.00 0.00
0.00 Under $600K
NO SALES IN PAST 3 MONTHS
$600K to $800K $800K to $1M
$1M to $1.5M
Metchosin Absorption Rates by Price Range August 2020
10
9.00
9
Months of Inventory
8 7 6 5 4 3
3.00
2 1 0
1.00 1.20 NO ACTIVE LISTINGS
0.00 Under $600K $600K to $800K $800K to $1M
NO SALES IN PAST 3 MONTHS
NO SALES IN PAST 3 MONTHS
$2M to $3M
Over $3M
0.00 0.00 $1M to $1.5M
$1.5 to $2M
Greater Victoria Area (Core, Westshore & Peninsula) Absorption Rates by Price Range August 2020
9
7.75
8
Months of Inventory
7
6.33
6 5
3.70
4 3 2 1 0
0.94 Under $600K
1.47 1.44 1.70
$600K to $800K $800K to $1M
$1M to $1.5M
$1.5 to $2M
$2M to $3M
Over $3M